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Interim Report 2019

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Interim Report 2019 會 夥 Bank of China Limited Interim Report 2019 INTERIM REPORT Stock Code: 3988 / 4601 No. 1 Fuxingmen Nei Dajie, Beijing, China, 100818 Tel: (86) 10-6659 6688 Fax: (86) 10-6601 6871 Customer Service and Complaint Hotline: (86) Area Code-95566 http://www.boc.cn Bank of China Limited (a joint stock company incorporated in the People’s Republic of China with limited liability) Ordinary H-Share Stock Code: 3988 Offshore Preference Share Stock Code: 4601 WorldReginfo - 61e9130c-99c7-40d7-ad0c-16235750d104 WorldReginfo - 61e9130c-99c7-40d7-ad0c-16235750d104 Contents Definitions 2 Important Notice 3 Corporate Information 4 Financial Highlights 5 Overview of Operating Performance 7 Management Discussion and Analysis 9 Financial Review 9 Business Review 20 Risk Management 42 Social Responsibilities 51 Outlook 53 Changes in Share Capital and Shareholdings of Shareholders 54 Directors, Supervisors, Senior Management Members and Staff 59 Corporate Governance 64 Significant Events 69 Report on Review of Interim Financial Information 73 Interim Financial Information 74 WorldReginfo - 61e9130c-99c7-40d7-ad0c-16235750d104 Definitions In this report, unless the context otherwise requires, the following terms shall have the meanings set out below: The Bank/the Group Bank of China Limited or its predecessors and, except where the context otherwise requires, all of the subsidiaries of Bank of China Limited Articles of Association The performing Articles of Association of the Bank A Share Domestic investment share(s) in the ordinary share capital of the Bank, with a nominal value of RMB1.00 each, which are listed on SSE (Stock Code: 601988) Basis Point (Bp, Bps) Measurement unit of changes in interest rate or exchange rate. 1 basis point is equivalent to 0.01 percentage point BOC Asset Investment BOC Financial Asset Investment Co., Ltd. BOC Aviation BOC Aviation Limited, a public company limited by shares incorporated in Singapore under the Singapore Companies Act, the shares of which are listed on the Hong Kong Stock Exchange BOC Insurance Bank of China Insurance Company Limited BOC Life BOC Group Life Assurance Co., Ltd. BOCG Insurance Bank of China Group Insurance Company Limited BOCG Investment Bank of China Group Investment Limited BOCHK Bank of China (Hong Kong) Limited, an authorised financial institution incorporated under the laws of Hong Kong and a wholly-owned subsidiary of BOCHK (Holdings) BOCHK (Holdings) BOC Hong Kong (Holdings) Limited, a company incorporated under the laws of Hong Kong, the ordinary shares of which are listed on the Hong Kong Stock Exchange BOCI BOC International Holdings Limited BOCIM Bank of China Investment Management Co., Ltd. BOCI China BOC International (China) Co., Ltd. BOC-Samsung Life BOC-Samsung Life Ins. Co., Ltd. CBIRC China Banking and Insurance Regulatory Commission Central and Southern China The area including, for the purpose of this report, the branches of Henan, Hubei, Hunan, Guangdong, Shenzhen, Guangxi and Hainan Company Law The Company Law of PRC CSRC China Securities Regulatory Commission Domestic Preference Share Domestic preference share(s) in the preference share capital of the Bank, with a nominal value of RMB100 each, which are traded on SSE (Stock Code: 360002, 360010, 360033) Eastern China The area including, for the purpose of this report, the branches of Shanghai, Jiangsu, Suzhou, Zhejiang, Ningbo, Anhui, Fujian, Jiangxi, Shandong and Qingdao HKEX Hong Kong Exchanges and Clearing Limited Hong Kong Listing Rules The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited Hong Kong Stock Exchange The Stock Exchange of Hong Kong Limited H Share Overseas-listed foreign investment share(s) in the ordinary share capital of the Bank, with a nominal value of RMB1.00 each, which are listed on the Hong Kong Stock Exchange and traded in Hong Kong dollars (Stock Code: 3988) Independent Director Independent director under the listing rules of SSE and the Articles of Association, and independent non-executive director under the Hong Kong Listing Rules MOF Ministry of Finance, PRC Northeastern China The area including, for the purpose of this report, the branches of Heilongjiang, Jilin, Liaoning and Dalian Northern China The area including, for the purpose of this report, the branches of Beijing, Tianjin, Hebei, Shanxi, Inner Mongolia and the Head Office Offshore Preference Share Offshore preference share(s) in the preference share capital of the Bank, with a nominal value of RMB100 each, which are listed on the Hong Kong Stock Exchange and traded in US dollars (Stock Code: 4601) PBOC The People’s Bank of China, PRC PRC The People’s Republic of China RMB Renminbi, the lawful currency of PRC SFO Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) SSE The Shanghai Stock Exchange Western China The area including, for the purpose of this report, the branches of Chongqing, Sichuan, Guizhou, Yunnan, Shaanxi, Gansu, Ningxia, Qinghai, Tibet and Xinjiang 2 Bank of China Limited 2019 Interim Report WorldReginfo - 61e9130c-99c7-40d7-ad0c-16235750d104 Important Notice The Board of Directors, the Board of Supervisors, directors, supervisors and senior management members of the Bank warrant that the information in this report is authentic, accurate and complete, contains no false record, misleading statement or material omission, and jointly and severally accept full responsibility for the information in this report. The 2019 Interim Report and the 2019 Interim Results Announcement of the Bank have been reviewed and approved at the meeting of the Board of Directors of the Bank held on 30 August 2019. The number of directors who should attend the meeting is 12, with 12 directors attending the meeting in person. 12 directors of the Bank exercised their voting rights at the meeting. Supervisors and senior management members of the Bank attended the meeting as non- voting attendees. The 2019 interim financial statements prepared by the Bank in accordance with Chinese Accounting Standards (“CAS”) and International Financial Reporting Standards (“IFRS”) have been reviewed by Ernst & Young Hua Ming LLP and Ernst & Young in accordance with the Chinese and international standards on review engagements, respectively. Chairman of the Board of Directors, who is also responsible for the Bank’s finance and accounting LIU Liange, and the person in charge of the accounting office JIANG Dong warrant the authenticity, accuracy and completeness of the financial statements in this report. As considered and approved by the 2018 Annual General Meeting, the Bank distributed the 2018 cash dividend of RMB0.184 per share (before tax) to ordinary shareholders whose names appeared on the register of members of the Bank as at market close on 31 May 2019, amounting to approximately RMB54.167 billion (before tax) in total. The Bank has not declared 2019 interim dividend on ordinary shares, nor has it proposed any capitalisation of capital reserve into share capital during the reporting period. During the reporting period, there was no misappropriation of the Bank’s funds by its controlling shareholder or other related parties for non-operating purposes and no material guarantee business that violated the applicable regulations and procedures. This report may contain forward-looking statements that involve risks and future plans. These forward-looking statements are based on the Bank’s own information and information from other sources that the Bank believes to be reliable. They relate to future events or the Bank’s future financial, business or other performance and are subject to a number of factors and uncertainties that may cause the actual results to differ materially. Any future plans mentioned do not constitute a substantive commitment by the Bank to its investors. Investors and people concerned should be fully aware of the risks and understand the differences between plans, forecast and commitment. The Bank is faced with risks arising from changes in the macroeconomic environment and from political and economic conditions in different countries and regions as well as risks arising from its day-to-day operations, including the risk arising from changes in the credit status of borrowers, adverse changes in market prices and operational risk. It shall at the same time meet regulatory and compliance requirements. The Bank actively adopts adequate measures to effectively manage all types of risks. Please refer to the section “Management Discussion and Analysis — Risk Management” for details. Bank of China Limited 2019 Interim Report 3 WorldReginfo - 61e9130c-99c7-40d7-ad0c-16235750d104 Corporate Information Registered Name in Chinese H Share 中國銀行股份有限公司 (“中國銀行”) The Stock Exchange of Hong Kong Limited Stock Name: Bank of China Registered Name in English Stock Code: 3988 BANK OF CHINA LIMITED (“Bank of China”) Domestic Preference Share Legal Representative and Chairman Shanghai Stock Exchange LIU Liange First Tranche Stock Name: 中行優1 Secretary to the Board of Directors and Stock Code: 360002 Company Secretary Second Tranche MEI Feiqi Stock Name: 中行優2 Office Address: Stock Code: 360010 No. 1 Fuxingmen Nei Dajie, Beijing, China Third Tranche Telephone: (86) 10-6659 2638 Stock Name: 中行優3 Facsimile: (86) 10-6659 4568 Stock Code: 360033 E-mail: [email protected] Offshore Preference Share Listing Affairs Representative The Stock Exchange of Hong Kong Limited YU Ke Stock Name: BOC 2014 PREF Office Address: Stock Code: 4601 No. 1 Fuxingmen Nei Dajie, Beijing, China Telephone: (86) 10-6659 2638
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